Nine delisted firms wipe off N165.11bn from NSE

0
243

A total of nine companies were delisted from the Nigerian Stock Exchange in 2019. This wiped N165.11bn off the market capitalisation.

The latest data obtained from the NSE showed that two of the companies were delisted due to regulatory reasons, one was due to a merger and six delisted purely on voluntary reasons.

Skye Bank Plc and Fortis Microfinance Bank Plc were delisted for regulatory reasons while Diamond Bank Plc merged with Access Bank Plc.

The remaining seven companies applied for delisting voluntarily.

Great Nigeria Insurance was delisted from the NSE on January 25, 2019, following the company’s voluntary application to delist.

The company’s delisting wiped N1.91bn off the total market capitalisation.

The shareholders of the company had in July 2018 approved the company’s plans to delist from the NSE.

The Chairman, Great Nigeria Insurance, Mr Bada Aluko, said the company’s decision to delist from the NSE was as a result of no trading on its shares for over five years.

LEAVE A REPLY

Please enter your comment!
Please enter your name here